Multilateral Development Banks Joins Hands for Climate Protection

Multilateral Development Banks (MDBs) have announced a joint framework for aligning their activities with the goals of the Paris Agreement to reinforce their commitment to combat climate change.

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The MDBs have announced to start working together in six key areas considered central to meeting the goal of the Agreement to limit the increase in global temperatures to well below 2°C. The declaration was issued at the start of the COP24 in Katowice, Poland, on Monday.

“The global development agenda is at a pivotal point,” the joint declaration says. “There is international consensus on the urgent need to ensure that policy engagements and financial flows are consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. To realise this vision, we are working together to develop a dedicated approach.”

The MDBs plan to break their joint approach down into practical work on six core Paris Alignment areas: